| 
March 09, 2023
Without a clear-cut direction, Copper is trading around $4.02 per pound and ranging between $4 and $4.04.
- United States Initial Jobless Claims is next.
Earlier data releases related to CME Copper – highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million. United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million.
Here is the technical analysis of Copper before macro data is released:
Copper made an initial breakout above its 5 day Simple Moving Average at $4.04, a potential indicator of a newly emerging bullish phase. CME Copper's upper Bollinger Band® is at $4.2 and the lower is $3.94. Copper is approaching key support, around 3 cents away from $4. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite muted price action in CME Copper, chart analysis indicates it is positioned for a bullish run in the short term.
Coming up for Copper — as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 517,000. New data is set to be published tomorrow at 13:30 UTC. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available today at 13:30 UTC.
As the markets get ready for more data to be released — Platinum gained 0.57% and is now trading at $951.3. Having closed the previous session at $1,818.6, Gold is up 0.21% today to currently trade at around $1,822.4.
This year has been a bright one for the Copper future after trading as low as $3.21 and going on to appreciate by 6.23% year to date.
